Conrad LLP

Conrad LLP, a Lake Forest, California-based self-certified small disadvantaged business, provides financial audit, compliance review, and medical coding examination services to federal agencies exclusively as a prime contractor on the GSA Multiple Award Schedule, with a heavy concentration in Medicare program oversight and defense payroll auditing.

Conrad operates 100% as a prime, holding no subcontractor positions. The firm competes full-and-open rather than under set-aside vehicles, with the exception of two Total Small Business set-aside BPAs with the Department of Health and Human Services. Across 48 recent awards spanning FY2013 through September 2026, Conrad has accumulated $492.4 million in combined potential value, with $163.3 million obligated to date. Customer concentration is high and bifurcated: the Centers for Medicare and Medicaid Services dominates both award count (11 awards) and potential value ($226.4 million), while the Department of Health and Human Services Assistant Secretary for Financial Resources anchors a single $112.9 million delivery order for electronic staffing data auditing, and GSA Federal Acquisition Service accounts for a single $111.2 million delivery order. The Department of the Army Headquarters Office of the Secretary contributes the third-largest award count (22 awards) but represents only $23.6 million in potential value — these are modest-value BPA calls for Special Inspector General for Afghanistan Reconstruction audit work. The top five customers represent 100% of combined potential value. Conrad sits entirely on the GSA Multiple Award Schedule, with 64 task orders carrying $389.8 million in combined potential value and six additional task orders under the Professional Services Schedule totaling $1 million.

Capability footprint centers on three concrete service lines. Medicare program oversight comprises examinations of Medicare Advantage Organizations and Prescription Drug Plans, including financial audits and medical coding reviews under a $50 million single-award CMS BPA (July 2022 through September 2027) and a second $50 million CMS BPA for the same scope. Recent examples include a $26.9 million time-and-materials delivery order awarded December 30, 2024, for Medicare Advantage and Prescription Drug Plan oversight (ultimate completion September 2028), and a $20.9 million Total Small Business delivery order awarded September 28, 2026, for the Independent Dispute Resolution Entity (IDRE) Audit Project serving the Departments of Health and Human Services, Labor, and Treasury (ultimate completion September 2031). Provider Relief Bureau audit and performance review services operate under a $13 million single-award Total Small Business BPA with HHS (August 2023 through March 2026), with a representative $4.06 million task order issued September 2023. Defense payroll auditing comprises the second-largest dollar commitment: a $112.9 million time-and-materials delivery order from the Department of Defense Assistant Secretary for Financial Resources for electronic staffing data (payroll-based journal) auditing specialist services, awarded September 2022 with ultimate completion September 2027. SCI-reported invoicing on this contract totaled $12.6 million in FY2025 across 48.5 FTEs and 100,779 contractor hours at a blended rate of $125 per hour; across FY2023 through FY2025, invoiced dollars and FTE headcount grew year-over-year while hourly rates remained roughly flat at $120–$130 per hour.

Across SCI-reportable federal service contracts (above the $150,000 threshold), Conrad invoiced $66.6 million across FY2022 through FY2025, with FTE headcount scaling from 12.8 in FY2022 to 40.3 in FY2025. Government-paid hourly rates on prime service contracts run at a median of $164.66 per hour (10th percentile $119.99, 90th percentile $176.02), reflecting a labor mix skewed toward mid-level auditor and analyst roles. GSA Schedule labor categories span analyst roles at $109.30 per hour (bachelor's, two years' experience) through senior consultant and director positions at up to $367.11 per hour (master's degree, twelve years' experience); no security-cleared roles are offered. Across SCI-reportable prime contracts, Conrad engages subcontractors for an average of 36 percent of contractor hours, with twelve named subcontractors appearing across the portfolio. This sub-engagement pattern indicates Conrad maintains its own delivery teams for the majority of work while selectively using specialist subcontractors for supplemental capacity or expertise.

Three awards reach ultimate completion inside the next twenty-four months with combined potential value of $140.3 million, creating significant recompete exposure. Award volume has been uneven in recent years—seven awards in 2021, five in 2022, seven in 2023, and six in 2024—with only two awards recorded in 2026 (both in September), suggesting either a lag in data capture or a slowdown in new task order generation relative to the firm's large standing IDVs.